Vin Baker Working to Become Manager of Starbucks Coffee Shop

I started my sentence with Glad he is doing better with his life...

 

It's all relative to what someone earns. There is some guy at Mcdonald's who makes 16K a year shaking his head at some executive who makes ten times his salary (160K) not having much in savings over a span of twenty years. The average American citizen has a negative saving rate, so I'm not sure people should show faux outrage over the likes of Vin Baker/Antoine Walker etc..

 

Baker was rolling in dough.

That's the yeast he can do now.

Too kneady.

 

That would be the icing on the cake.

 

BUT YOU NEVER BECAME A BAKER, DID YOU??

 

So, it was because Vin hated his father, which is why he become a coffee barista rather than another baker in a long family line of bakers?

 

Not to mention after taxes and agent fees, he probably only wound up with like $40 million. Which is still an incredibly large amount but imagine that spread out over 7-10 years.

 

Vin should run a pastry shop. Corey Brewer should run a coffee shop.

 

I think a lot of people here underestimate the difficulty in maintaining wealth when you're a widely known celebrity, oftentimes coming form a broken home with a predisposition for drug abuse.

Hypothetically let's say you were offered a deal.

You receive $100M today, $45M will be collected in taxes in exactly one year.

Your IQ will magically be lowered to the average IQ of all past NBA stars who've gone bankrupt after being the league for 5+ years.

You are stripped of any post high school education, including any financial know-how you might have gained over the years. You also lose all of your friends and family and gain a new set of "friends" from poor, uneducated upbringings.

You gain a predisposition to smoking, drinking, and gaining a hard-core drug habit.

I don't know anyone with a career who might give up their current lives for that. I personally would not.

 

I love this story. People overcoming demons is just awesome to see. Inspiring.

 

According to a 2009 Sports Illustrated article, 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress.

http://espn.go.com/30for30/film?page=broke

 

Happy for him , he got his life's back on track .

 

40 million over 7-10 years is still $4mil-5.75mil a year.

That's still like about $200k per paycheck.

 

But of course you have friends and family who saw that you had a 40 Million dollar deal, and ask for handouts. At the time you have it, so you give to them. Then something else comes up, or they mishandle the money you've given them. They ask why you won't give them more, after-all you had a 40 Million dollar deal, and these friends and family members stuck by you when you had nothing and were working your basketball career, shouldn't you help them out when they need money?

Then of course it doesn't sink in that you aren't going to keep getting 200K per paycheck, and you spend like someone who makes 200K per paycheck. But once your past your prime, you aren't making 200K per paycheck anymore, but there isn't that much saved, because you gave it to your family and friends who helped you make it, and not all of the investments you made worked out like you thought they would, and the expenses you've built up and still owe on were fine for someone making 200K per paycheck, but aren't fine anymore... but they are still due. So in order to pay those you go through whatever savings you did manage to acquire.

Sure that can be avoided, but it isn't hard for the money to go out the window with situations like that.

 

It's nothing compared to what Boxers blow through. Mike Tyson blew through $300M, thats not even adjusting for inflation. Evander Holyfield did the same, and soon you will see Floyd do the same. Really bad idea to live in Vegas and gamble heavily.

 

More money, more problems.

Broke people wouldn't know.

 

No chance in hell Floyd ever goes broke or anywhere near blowing all his money.

 

He led the NBA in minutes played in 1995, so for that one year, he was the best in the world at staying on an NBA court.

He was Rookie of the Month in February 1994.

 

It's really brave of a guy like Vin to take a humble job like that. But I can't help be sad that that's where he is. Alcohol is a helluva drug.

 

before you knock vin for his money issues watch BROKE its an espn 30 for 30 movie about how athleats go broke taxes is one of the biggest reasons that kind of money is esey to lose when you don't know what you are doing